Palmon Group Reit circles Dubai assets ahead of planned IPO - The National:
Dubai-based Palmon Group, a diversified family conglomerate, is hunting for assets to build up its newly launched logistics and industrial real estate investment trust, Manrre Reit, ahead of a planned initial public offering in 2020, its founders said.
“The target is to increase the Reit’s portfolio to Dh500 million, then list it on either the Dubai Financial Market or Nasdaq Dubai stock exchanges by 2020, with the IPO process starting next year,” Kunal Lahori, co-director of the fund and executive director of Palmon Group, told The National in an interview.
Reits are listed funds that own income-producing commercial real estate and distribute about 80-90 per cent of their income as dividends to shareholders.
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Monday, 23 July 2018
Emirates denies plans to buy a stake in South African Airways | GulfNews.com
Emirates denies plans to buy a stake in South African Airways | GulfNews.com:
Emirates said on Monday it has “no plans” to invest in South African Airways (SAA), following media reports about talks between the two carriers.
“We are committed to the South African market and have enjoyed close cooperation with South African Airways since 1997, and we are working closely to further enhance our code-share,” an Emirates spokesperson told Gulf News via email. “However, we have no plans to invest to take any equity share in South African Airways or any other airline.”
SAA is one of the UAE carrier’s more than 20 codeshare partners. The tie-up allow flyers to earn and redeem Emirates miles on flights with SAA, which operates the largest route network in Africa and serves over 1,200 destinations and 180 countries worldwide.
Emirates said on Monday it has “no plans” to invest in South African Airways (SAA), following media reports about talks between the two carriers.
“We are committed to the South African market and have enjoyed close cooperation with South African Airways since 1997, and we are working closely to further enhance our code-share,” an Emirates spokesperson told Gulf News via email. “However, we have no plans to invest to take any equity share in South African Airways or any other airline.”
SAA is one of the UAE carrier’s more than 20 codeshare partners. The tie-up allow flyers to earn and redeem Emirates miles on flights with SAA, which operates the largest route network in Africa and serves over 1,200 destinations and 180 countries worldwide.
Qatar well-placed to compete in global LNG markets: IEA - The Peninsula Qatar
Qatar well-placed to compete in global LNG markets: IEA - The Peninsula Qatar:
Qatar’s additional production volume of LNG through expanding its super-giant North Field would be well placed to compete in international LNG markets.
Following its decision in early 2017 to lift the moratorium on expanding its North Field, Qatar confirmed in February 2018 its intention to expand its LNG capacity from 77Mt to 100Mt (about 135bcm per year) through the construction of three new 7.8 Mt LNG trains. These are expected to come in operation by the end of 2023.
Given Qatar’s very prolific resource basis and low costs, additional volumes from Qatar would be well-positioned to compete in international LNG markets, according to International Energy Agency (IEA).
Qatar’s additional production volume of LNG through expanding its super-giant North Field would be well placed to compete in international LNG markets.
Following its decision in early 2017 to lift the moratorium on expanding its North Field, Qatar confirmed in February 2018 its intention to expand its LNG capacity from 77Mt to 100Mt (about 135bcm per year) through the construction of three new 7.8 Mt LNG trains. These are expected to come in operation by the end of 2023.
Given Qatar’s very prolific resource basis and low costs, additional volumes from Qatar would be well-positioned to compete in international LNG markets, according to International Energy Agency (IEA).
Strong buy interests lift QSE above 9,400 levels
Strong buy interests lift QSE above 9,400 levels:
Strong buying interests — especially in real estate and banking — on Monday lifted the Qatar Stock Exchange and placed its key index above 9,400 levels.
Foreign institutions’ strong bullish sentiments rather imparted a 0.78% thrust to the 20-stock Qatar Index to 9,435.29 points.
Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR witnessed 8.24% and 2.33% gains respectively.
Strong buying interests — especially in real estate and banking — on Monday lifted the Qatar Stock Exchange and placed its key index above 9,400 levels.
Foreign institutions’ strong bullish sentiments rather imparted a 0.78% thrust to the 20-stock Qatar Index to 9,435.29 points.
Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR witnessed 8.24% and 2.33% gains respectively.
Dubai Financial Market posts net profit during H1 2018 | ZAWYA MENA Edition
Dubai Financial Market posts net profit during H1 2018 | ZAWYA MENA Edition:
The Dubai Financial Market, DFM, on Monday announced its financial results for the first half of the year ending 30th June, 2018, recording a net profit of AED82.8 million, compared to AED145.6 million during the corresponding period of 2017, representing a 43 percent decrease, while the net profit for the second quarter of 2018 reached AED33.9 million, a 22 percent decrease compared to the Q2-2017 level of AED43.3 million.
The company recorded a total revenue of AED182.4 million in H1 2018 compared to AED239.3 million during H1 2017. The revenue comprised AED113.8 million of operating income and AED68.6 million of investment returns.
The company expenses reached AED99.6 million compared to AED93.7 million recorded during H1 2017.
The Dubai Financial Market, DFM, on Monday announced its financial results for the first half of the year ending 30th June, 2018, recording a net profit of AED82.8 million, compared to AED145.6 million during the corresponding period of 2017, representing a 43 percent decrease, while the net profit for the second quarter of 2018 reached AED33.9 million, a 22 percent decrease compared to the Q2-2017 level of AED43.3 million.
The company recorded a total revenue of AED182.4 million in H1 2018 compared to AED239.3 million during H1 2017. The revenue comprised AED113.8 million of operating income and AED68.6 million of investment returns.
The company expenses reached AED99.6 million compared to AED93.7 million recorded during H1 2017.
Crude Oil Futures Drop Below $68 Amid Strength in the Dollar - Bloomberg
Crude Oil Futures Drop Below $68 Amid Strength in the Dollar - Bloomberg:
Crude oil slid to the lowest level in a month, reversing an earlier trend, undercut by a stronger dollar and concerns that rising stockpiles in Oklahoma suggest pipeline bottlenecks may be worsening.
Futures in New York closed down 0.5 percent on Monday after a see-saw performance that saw prices jump as much as 1.5 percent before falling at mid-day.
Data-provider Genscape Inc. is said to show an increase in supplies at Cushing, Oklahoma for part of last week. That spurred concern that the ability to transport oil may be hampered by waning pipeline capacity. At same time, a strengthened dollar added another undermining factor.
Crude oil slid to the lowest level in a month, reversing an earlier trend, undercut by a stronger dollar and concerns that rising stockpiles in Oklahoma suggest pipeline bottlenecks may be worsening.
Futures in New York closed down 0.5 percent on Monday after a see-saw performance that saw prices jump as much as 1.5 percent before falling at mid-day.
Data-provider Genscape Inc. is said to show an increase in supplies at Cushing, Oklahoma for part of last week. That spurred concern that the ability to transport oil may be hampered by waning pipeline capacity. At same time, a strengthened dollar added another undermining factor.
Oman budget deficit nearly halves in Jan-May as oil income balloons | Reuters
Oman budget deficit nearly halves in Jan-May as oil income balloons | Reuters:
Oman’s state budget deficit nearly halved in the first five months of this year as higher oil prices boosted export revenues sharply and a corporate tax hike took effect, figures released by the official statistics agency showed on Monday.
The government’s deficit in January-May shrank to 1.10 billion rials ($2.86 billion) from 2.04 billion rials a year earlier.
Oman’s financial position is among the weakest of the wealthy Gulf oil exporters, so the data may reassure investors in its debt. The International Monetary Fund has predicted it will run a fiscal deficit of 5.7 percent of gross domestic product this year, down from 11.4 percent in 2017.
Oman’s state budget deficit nearly halved in the first five months of this year as higher oil prices boosted export revenues sharply and a corporate tax hike took effect, figures released by the official statistics agency showed on Monday.
The government’s deficit in January-May shrank to 1.10 billion rials ($2.86 billion) from 2.04 billion rials a year earlier.
Oman’s financial position is among the weakest of the wealthy Gulf oil exporters, so the data may reassure investors in its debt. The International Monetary Fund has predicted it will run a fiscal deficit of 5.7 percent of gross domestic product this year, down from 11.4 percent in 2017.
RPT-FOCUS-SABIC deal lets Saudi Arabia delay Aramco IPO, spend on growth - sources | Reuters
RPT-FOCUS-SABIC deal lets Saudi Arabia delay Aramco IPO, spend on growth - sources | Reuters:
A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp from the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund.
The deal could inject tens of billions of dollars into the PIF, giving it resources to proceed with its plans to create jobs and diversify the economy beyond oil exports, including a $500 billion business zone in the northwest of the country.
A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp from the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund.
The deal could inject tens of billions of dollars into the PIF, giving it resources to proceed with its plans to create jobs and diversify the economy beyond oil exports, including a $500 billion business zone in the northwest of the country.
Commentary: As U.S. sanctions loom, can Iran nuclear deal still be saved? | Reuters
Commentary: As U.S. sanctions loom, can Iran nuclear deal still be saved? | Reuters:
The exodus of international firms from Iran is accelerating as the August deadline for the re-imposition of U.S. sanctions against Tehran approaches. President Donald Trump’s decision to withdraw the United States from the multinational Joint Comprehensive Place of Action, which lifted international sanctions against Iran in exchange for curbs on its nuclear program, has left the 2015 accord hanging dangerously in the balance.
On July 7, French shipping giant CMA CGM announced its decision to leave Iran “due to the Trump administration,” the group’s chief executive Rodolphe Saadé said. The announcement came two days after talks in Vienna between Iranian Foreign Minister Mohammed Javad Zarif and his counterparts from Britain, China, France, Germany and Russia produced no breakthroughs. The first of its kind since Trump’s withdrawal announcement in May, the meeting was intended to provide the Islamic Republic with an economic package that would make up for its losses under U.S. sanctions.
Today, the weakened nuclear agreement confronts three possible fates: survival, abrupt death, or gradual demise.
The exodus of international firms from Iran is accelerating as the August deadline for the re-imposition of U.S. sanctions against Tehran approaches. President Donald Trump’s decision to withdraw the United States from the multinational Joint Comprehensive Place of Action, which lifted international sanctions against Iran in exchange for curbs on its nuclear program, has left the 2015 accord hanging dangerously in the balance.
On July 7, French shipping giant CMA CGM announced its decision to leave Iran “due to the Trump administration,” the group’s chief executive Rodolphe Saadé said. The announcement came two days after talks in Vienna between Iranian Foreign Minister Mohammed Javad Zarif and his counterparts from Britain, China, France, Germany and Russia produced no breakthroughs. The first of its kind since Trump’s withdrawal announcement in May, the meeting was intended to provide the Islamic Republic with an economic package that would make up for its losses under U.S. sanctions.
Today, the weakened nuclear agreement confronts three possible fates: survival, abrupt death, or gradual demise.
U.N. court orders UAE to lift measures against Qataris | Reuters
U.N. court orders UAE to lift measures against Qataris | Reuters:
The United Arab Emirates was ordered by the highest U.N. court on Monday to immediately allow Qatari families affected by a dispute between the countries to reunite, imposing the measure before it hears the full case filed by Qatar at a later date.
The UAE had argued before judges at the International Court of Justice (ICJ) in The Hague on June 28 [L8N1TU3GS] that the case was without merit and should be dismissed, but on Monday the judges granted Qatar’s request for so-called provisional measures by a majority vote of 8 to 7.
The UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar in June 2017, severing diplomatic and transport ties and accusing it of supporting terrorism, which it denies.
The United Arab Emirates was ordered by the highest U.N. court on Monday to immediately allow Qatari families affected by a dispute between the countries to reunite, imposing the measure before it hears the full case filed by Qatar at a later date.
The UAE had argued before judges at the International Court of Justice (ICJ) in The Hague on June 28 [L8N1TU3GS] that the case was without merit and should be dismissed, but on Monday the judges granted Qatar’s request for so-called provisional measures by a majority vote of 8 to 7.
The UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar in June 2017, severing diplomatic and transport ties and accusing it of supporting terrorism, which it denies.
JPMorgan, Morgan Stanley picked to advise on Aramco's SABIC deal: sources | Reuters
JPMorgan, Morgan Stanley picked to advise on Aramco's SABIC deal: sources | Reuters:
JPMorgan (JPM.N) and Morgan Stanley (MS.N) have been picked to advise on Saudi Aramco’s plan to buy a controlling stake in petrochemical maker SABIC 2010.SE, several sources familiar with the matter said.
Aramco aims to buy such a stake, possibly taking the entire 70 percent holding owned by Saudi Arabia’s sovereign wealth fund, two of the sources familiar with the matter told Reuters earlier on Monday.
JPMorgan (JPM.N) and Morgan Stanley (MS.N) have been picked to advise on Saudi Aramco’s plan to buy a controlling stake in petrochemical maker SABIC 2010.SE, several sources familiar with the matter said.
Aramco aims to buy such a stake, possibly taking the entire 70 percent holding owned by Saudi Arabia’s sovereign wealth fund, two of the sources familiar with the matter told Reuters earlier on Monday.
MIDEAST STOCKS-Emaar sends Dubai higher; Saudi declines | Reuters
MIDEAST STOCKS-Emaar sends Dubai higher; Saudi declines | Reuters:
Dubai’s market closed on a positive note on Monday, backed by solid gains in property shares, while Saudi Arabia declined, reversing earlier gains, and other markets were mixed.
The Dubai index rose 0.4 percent as heavy trading in heavyweight property developer Emaar Properties sent its shares 1.6 percent up. DAMAC Properties added 1.4 percent.
Saudi’s index reversed its earlier gains and closed 0.2 percent down with only 36 advancing stocks out of 182 traded on Monday.
Dubai’s market closed on a positive note on Monday, backed by solid gains in property shares, while Saudi Arabia declined, reversing earlier gains, and other markets were mixed.
The Dubai index rose 0.4 percent as heavy trading in heavyweight property developer Emaar Properties sent its shares 1.6 percent up. DAMAC Properties added 1.4 percent.
Saudi’s index reversed its earlier gains and closed 0.2 percent down with only 36 advancing stocks out of 182 traded on Monday.
China's Silk Road Fund to Buy 24% of U.A.E. Solar Thermal Plant - Bloomberg
China's Silk Road Fund to Buy 24% of U.A.E. Solar Thermal Plant - Bloomberg:
China’s Silk Road Fund will acquire a 24.01 percent interest in the world’s largest single-site solar thermal plant, which is being built in the United Arab Emirates.
The 700-megawatt project will be developed along with Dubai Electricity & Water Authority and Saudi Arabia’s ACWA Power Barka SAOG, ACWA said in a statement on Sunday. The plant will combine a central tower and parabolic trough technology to harvest energy from the sun, store it in molten salt and produce steam to generate power during the day and throughout the night.
The project is part of efforts to increase the share of clean energy in Dubai to 25 percent by 2030 and is expected to save 2.4 million tons of carbon dioxide emissions annually, according to the statement. The plant is expected to deliver electricity 24 hours a day at a levelized tariff of U.S. 7.3 cents a kilowatt-hour, which can compete with fossil fuel generated power without subsidies, ACWA said.
China’s Silk Road Fund will acquire a 24.01 percent interest in the world’s largest single-site solar thermal plant, which is being built in the United Arab Emirates.
The 700-megawatt project will be developed along with Dubai Electricity & Water Authority and Saudi Arabia’s ACWA Power Barka SAOG, ACWA said in a statement on Sunday. The plant will combine a central tower and parabolic trough technology to harvest energy from the sun, store it in molten salt and produce steam to generate power during the day and throughout the night.
The project is part of efforts to increase the share of clean energy in Dubai to 25 percent by 2030 and is expected to save 2.4 million tons of carbon dioxide emissions annually, according to the statement. The plant is expected to deliver electricity 24 hours a day at a levelized tariff of U.S. 7.3 cents a kilowatt-hour, which can compete with fossil fuel generated power without subsidies, ACWA said.
Saudi Aramco aims to buy controlling stake in SABIC: sources | ZAWYA MENA Edition
Saudi Aramco aims to buy controlling stake in SABIC: sources | ZAWYA MENA Edition:
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia's sovereign wealth fund, two sources familiar with the matter told Reuters.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a "strategic stake" in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund, the kingdom's top sovereign wealth fund.
Aramco's initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialise Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia's sovereign wealth fund, two sources familiar with the matter told Reuters.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a "strategic stake" in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund, the kingdom's top sovereign wealth fund.
Aramco's initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialise Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.
Oil prices fall on demand concerns as G20 warns of risks to growth | Reuters
Oil prices fall on demand concerns as G20 warns of risks to growth | Reuters:
Oil prices fell on Monday amid increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.
Brent crude LCOc1 dropped 9 cents, or 0.1 percent, to $72.98 a barrel by 0647 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 declined 13 cents, or 0.2 percent, to $68.13 a barrel.
Finance ministers and central bank governors from the world’s 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.
Oil prices fell on Monday amid increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.
Brent crude LCOc1 dropped 9 cents, or 0.1 percent, to $72.98 a barrel by 0647 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 declined 13 cents, or 0.2 percent, to $68.13 a barrel.
Finance ministers and central bank governors from the world’s 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.
Accor and Katara Hospitality set up $1 bln Africa-focused investment fund | Reuters
Accor and Katara Hospitality set up $1 bln Africa-focused investment fund | Reuters:
AccorHotels, Europe’s biggest hotels group, and Qatar firm Katara Hospitality announced plans to set up a $1 billion investment fund targeting the hotels and hospitality sectors in sub-Saharan African countries.
The fund will amount to up to $500 million in equity, of which Katara Hospitality and AccorHotels will contribute respectively up to $350 million and $150 million over the next 5-7 years, with additional financing capacity reached through leverage and co-investments.
AccorHotels and Katara Hospitality added that the fund would target greenfield projects, brownfield projects and conversions of existing hotels through acquisitions.
AccorHotels, Europe’s biggest hotels group, and Qatar firm Katara Hospitality announced plans to set up a $1 billion investment fund targeting the hotels and hospitality sectors in sub-Saharan African countries.
The fund will amount to up to $500 million in equity, of which Katara Hospitality and AccorHotels will contribute respectively up to $350 million and $150 million over the next 5-7 years, with additional financing capacity reached through leverage and co-investments.
AccorHotels and Katara Hospitality added that the fund would target greenfield projects, brownfield projects and conversions of existing hotels through acquisitions.
UAE authority all set to implement visa reforms | ZAWYA MENA Edition
UAE authority all set to implement visa reforms | ZAWYA MENA Edition:
The Federal Authority for Identity and Citizenship (ICA) is all set to implement the visa reforms decisions approved by the UAE Cabinet in May and June. Following a meeting of the authority's board of directors, the ICA said it was "fully prepared" to launch visas for talented individuals, and approve a legislative package to review the current residency system.
In May, the Cabinet had adopted a 10-year visa scheme for talented individuals. And in June, the Cabinet okayed a new legislative package, including a review of the current residency system to allow a two-year residency extension for students after finishing their university studies.
The board has approved plans and methods for implementing the Cabinet's decisions in the specified time period.
The Federal Authority for Identity and Citizenship (ICA) is all set to implement the visa reforms decisions approved by the UAE Cabinet in May and June. Following a meeting of the authority's board of directors, the ICA said it was "fully prepared" to launch visas for talented individuals, and approve a legislative package to review the current residency system.
In May, the Cabinet had adopted a 10-year visa scheme for talented individuals. And in June, the Cabinet okayed a new legislative package, including a review of the current residency system to allow a two-year residency extension for students after finishing their university studies.
The board has approved plans and methods for implementing the Cabinet's decisions in the specified time period.
UAE business loan demand rising gradually - c.bank survey
UAE business loan demand rising gradually - c.bank survey:
Demand for business loans in the United Arab Emirates rose moderately in the April-June quarter while demand for personal loans rebounded slightly after dropping in the previous quarter, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall - rose to plus 11.8 in April-June from plus 4.6 in the previous quarter.
For the current quarter, respondents expect a further rise to plus 16.3, while they also think credit standards will tighten further, the central bank added.
Demand for business loans in the United Arab Emirates rose moderately in the April-June quarter while demand for personal loans rebounded slightly after dropping in the previous quarter, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall - rose to plus 11.8 in April-June from plus 4.6 in the previous quarter.
For the current quarter, respondents expect a further rise to plus 16.3, while they also think credit standards will tighten further, the central bank added.
MIDEAST STOCKS-Gulf stocks sluggish as investors await company earnings | Reuters
MIDEAST STOCKS-Gulf stocks sluggish as investors await company earnings | Reuters:
Gulf stock markets were sluggish on Sunday, with Saudi Arabia the biggest mover as investors took positions before more companies report financial results this week.
Al Rajhi Bank gained 0.6 percent and Jabal Omar Development was up 1.6 percent as the main Saudi index rose by 0.2 percent.
Dubai Investments slipped by 2.5 percent while Emirates Integrated Telecommunications Co(EITC), also known as du, edged down 0.6 percent. The company on Thursday posted a 1.3 percent rise in second-quarter net profit, buoyed by an increase in fixed-line revenue.
Gulf stock markets were sluggish on Sunday, with Saudi Arabia the biggest mover as investors took positions before more companies report financial results this week.
Al Rajhi Bank gained 0.6 percent and Jabal Omar Development was up 1.6 percent as the main Saudi index rose by 0.2 percent.
Dubai Investments slipped by 2.5 percent while Emirates Integrated Telecommunications Co(EITC), also known as du, edged down 0.6 percent. The company on Thursday posted a 1.3 percent rise in second-quarter net profit, buoyed by an increase in fixed-line revenue.